Prudential sees opportunities in growing middle-income group

China's efforts to focus more on domestic consumption for sustainable and balanced economic growth, along with a fast-growing middle-income group and the shifting dynamics of its demographics, will bring massive opportunities for global insurance companies, the top executive of global insurer Prudential said.

China's economy is undergoing a transitional phase, with a stronger emphasis on high-quality and consumption-led growth driven by its ongoing urbanization and modernization, said Prudential CEO Anil Wadhwani.

Though the transitional period presents challenges, including managing debt levels and addressing an aging population, the fundamentals of economic growth haven't changed, and the country will continue to contribute quite significantly to global growth, Wadhwani, who is the global insurer's first global head to be based in Hong Kong in its 175-year history, told China Daily in an exclusive interview.